Toyota financial unit elevates minority-owned brokerage firms for
diversity bond initiative
(March 26, 2013) Toyota Financial Services has launched its first
Diversity & Inclusion Bond. This new type of bond syndication will
become a component of the company's comprehensive funding program, and
is in line with the company's corporate initiatives on diversity, both
inside and outside of the workplace.
The execution of this bond syndication is a collaboration between Toyota
Financial Services, Lebenthal Capital Markets, and Citi Capital Markets.
Lebenthal has trademarked a Diversity Bond, the structure of which
provided a framework for the TFS Diversity & Inclusion Bond. Citi, also
among the leads underwriters, shares a long-standing relationship with
TFS, and its commitment to diversity initiatives.
For this syndicated transaction, minority-owned firms were elevated to
lead underwriting roles, including Loop Capital Markets, The Williams
Capital Group, LP, Mischler Financial Group, Inc. and Ramirez & Co,
A minority-owned law firm, Gonzalez Saggio & Harlan, LLP, is acting as
co-issuer's counsel, together with Davis Polk & Wardwell, LLP.
O'Melveny & Myers, LLP is acting as underwriters' counsel.
The Diversity & Inclusion Bond provides numerous benefits. It allows TFS
to capture a more diverse investor base, increasing the depth and
resiliency of its U.S. registered bond program. The new type of bond
syndication also enables diversity firms to strengthen their
relationships with clients, and gives their investors more access to TFS
bonds and the opportunity to participate in higher profile deals.
The response from investors, banks, and other issuers has been
positive. TFS intends for this to be the first of similar transactions,
sending a strong message to other firms about the emphasis TFS places on
diversity and inclusion.
Toyota Financial Servicesí commitment to diversity, including
philanthropic endeavors, associate training programs, and other
diversity initiatives, has led to TFS being recognized repeatedly by
DiversityInc, Black Enterprise, Hispanic Business, and the Human Rights
Campaign as leaders in diversity and inclusion.
TFS is the finance and insurance brand for Toyota in the United States,
offering retail auto financing and leasing through Toyota Motor Credit
Corporation (TMCC) and Toyota Lease Trust and extended service contracts
through Toyota Motor Insurance Services (TMIS). Lexus Financial
Services is the brand for financial products for Lexus dealers and
customers. TFS currently employs over 3,300 associates nationwide, and
has managed assets totaling $93.1 billion.
To help unify the diversity efforts of all Toyota U.S. affiliates and to
formalize objectives, Toyota created the Toyota 21st Century Diversity
Strategy in 2001. The multi-billion dollar strategic investment
encompasses human resources, procurement, minority advertising,
dealership development, community support and strategic oversight.
As a result, Toyota has made strong progress, including more than
doubling its annual spending with diverse suppliers, increasing the
number of ethnic minority and women owned dealerships and increasing our
philanthropic giving to organizations that serve diverse populations. In
addition, people of color now represent nearly 30 percent of Toyota's
For more information on TFS' Capital Markets programs, please visit
www.toyotafinancial.com. For more information about Toyota's commitment
to diversity and inclusion, please visit www.toyota.com/about/diversity/index.html.
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